"I think Model Y is going to be a manufacturing revolution," Musk said. "It will be, I think, incredible from a manufacturing standpoint, because we do not want to go through this pain again."

During the call, Musk said Tesla will begin producing the Model Y in about 24 months.

One week after the call, Tesla released a video that showed small portions of a vehicle that was covered by a sheet. Some have speculated that vehicle is the Model Y.

When Tesla starts to produce the Model Y, the company will try to avoid the production bottlenecks and delays that plagued the Model 3's rollout.

Since the Model 3 was introduced in July, Tesla has struggled to ramp up production for the vehicle. Musk had said the company would be making 5,000 Model 3s per week by the end of 2017, but the company made just 2,425 during the fourth quarter.

The company made 9,766 Model 3s during the first quarter, but missed its goal of producing 2,500 per week by the end of the quarter, instead making 2,020 Model 3s during the quarter's final week.

In April, Musk said on Twitter that Tesla used too much automation in the Model 3 production process.

"Yes, excessive automation at Tesla was a mistake. To be precise, my mistake. Humans are underrated," he wrote in response to a Wall Street Journal reporter.